The Opportunity Resource Fund provides loans to spur economic development in Michigan communities. Loans are generally $10,000 to $200,000 with terms up to six years. Borrowers must have been turned down by another lender or the project or business does not meet traditional underwriting standards.
Further, at least two of our social criteria must be met:
- Demonstrates community control or local self determination
- Demonstrates alternative business practices (cooperatives)
- Employs low income people
- Empowers disadvantaged people (woman/minority owned businesses)
- Reinvests in a decaying area or reduces blight
- Uses ecologically sensitive approaches
- Leverages other resources
- Provides partnership, collaboration and cooperation
The Fund provides loans for the start up or expansion of a small business. These loans can be used for pre-development costs, acquisition, construction or renovation of a building, or purchase of land. Inventory and working capital for a planned business expansion are also available.
Nonprofit Facility and/or Working Capital Loans
The Fund provides loans to nonprofit organizations to acquire, renovate, or construct a building for use in the delivery of their services to low income or disadvantaged people. Working capital loans to assist with the cash flow needs of nonprofit organizations are also available.
Commercial Real Estate Development
The Fund provides loans to both nonprofit and for-profit developers to assist with the revitalization of commercial real estate. These loans can be used for pre-development costs, acquisition, construction or bridge financing, as well as short-term permanent financing.
For more information contact Tim Strasz